Constellation Brands: What we're watching for in FY1Q27 results

研报英文原文证据摘录

Constellation Brands: What we're watching for in FY1Q27 results

Deutsche Bank

Research

Rating Company Date

Hold Constellation Brands 15 June 2026

North America Reuters Bloomberg Rating Hold

United States STZ.N STZ US Price target (USD) 155.00 Price at 12 Jun 26 148.51

52-week range 176.09 – 127.65

Consumer

Consumer Staples Valuation & Risks

What we're watching for in FY1Q27 results

Steve Powers

STZ reports fiscal FY1Q27 earnings on Tuesday, June 30th after market close Research Analyst

+1-212-250-5480 Following 4Q results wherein management signaled strength in March, STZ

shares have underperformed the broader market and CPG as beverage alcohol Christopher Barnes, CFA

consumption trends broadly decelerated over April/May: a function of higher gas Research Analyst

prices, unfavorable weather, reignited inflation, and general economic +1-212-454-0778

uncertainty/consumer sentiment deterioration. Upcoming World Cup activations

Nikhil Jain, CFA may help stimulate incremental beer occasions, but we see this more as Research Associate

recovering lost ground from the softer start to the summer season (with forward +1-212-250-3253

weather expectations potentially causing greater rainfall in the south over the

summer months). Altogether, while consumption/weather trends over the next Angeline Goh

few weeks/months will be critical, we acknowledge downside risk to guidance (at Research Associate

+1-212-250-4515

least at the high end) building if recent consumer fragility persists and results in

weaker shipments. From a cost standpoint (acknowledging ongoing volatility), we

believe existing hedges provide solid visibility in FY27, but we watch out for

greater volume deleverage drags.

For our part, while we tweak our near-term estimates lower and build in greater